A list of the many areas in which legal requirements must be met will be helpful to small entrepreneurs. Some of the legal factors in small entrepreneurship business are:
Legal factors in small entrepreneurship
- Sales Contracts
- Agency Relationships;
- Branch and Subsidiary Relationship;
- Unemployment Compensation Laws & Workers Compensation Laws;
- Laws relating to Collective Bargaining Agreements;
- Product Liability Laws;
- Real Estate Transactions;
- Insurance Claims;
- Need for Audited Statement of the Firm;
- Tort or Negligence actions for Damage to Property;
- Minimum Wage Laws and other Personnel Regulations;
- Purchasing Contracts and other types of Contracts;
- Consignment, Installation, and Open Account Sales;
- Local Laws governing Licenses, Competency, Zoning, and Land uses;
- Negotiable Instrument Transactions;
- Bankruptcy and Insolvency proceedings;
- Occupational Safety and Health related-Laws;
- Trademarks, Copyrights, and Patents;
- Libel Laws and their Ramifications;
- Conflict with Social Legislation;
- Leases of Real or Personal Property;
- Payroll Procedures and withholding Taxes;
- Obligations under all types of Contracts;
- Preparation of Legal Documents for use with lending Institutions or Landlords;
- Obligations under with Suppliers or Consumers;
- Tax Laws and their latest changes.
The above list includes only some of the areas with legal implications that small business entrepreneurs should be familiar with.
The complete list is almost endless because direct & indirect laws and regulations vary from country to country and in the same country from period to period.
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